Swain's Neck back on the market

Monday

Mar 11, 2013 at 2:00 AM

The Inquirer and Mirror

Swain's Neck, the 68-acre property in Polpis that first hit the market last May for $59 million, the highest asking price of any residential property in island history, is back on the market, this time for $47.5 million.

Now listed by Great Point Properties, it is among the largest remaining privately-owned Nantucket properties not dedicated to conservation, municipal or commercial purposes, located on its own peninsula jutting out into Polpis Harbor, and features nearly three-quarters of a mile of waterfront, a nine-bedroom main residence built in 2000, a gatehouse with an apartment, a guest cottage, a boathouse, and an octagon-shaped studio.

The property was placed on the market last year following the death of its previous owner, Springfield, Mass. businessman Russell Dale Phelon, who bought it in 1997 for $7.15 million.

By comparison, a 266-acre property in West Tisbury on Martha's Vineyard hit the market in July for $92 million.

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